Group 1: Top Net Buy Companies - Xiaomi Group-W (1810.HK) had a net buy amount of 40.31 billion CNY with a holding change of 105,862,338 shares[9] - China National Offshore Oil Corporation (0883.HK) saw a net buy of 31.73 billion CNY with a holding change of 147,299,898 shares[9] - Industrial and Commercial Bank of China (1398.HK) recorded a net buy of 20.45 billion CNY with a holding change of 319,540,224 shares[9] Group 2: Top Net Sell Companies - Alibaba Group-W (9988.HK) experienced the highest net sell of -63.35 billion CNY with a holding change of -42,921,071 shares[10] - Tracker Fund of Hong Kong (2800.HK) had a net sell of -8.63 billion CNY with a holding change of -34,043,500 shares[10] - Meituan-W (3690.HK) saw a net sell of -7.21 billion CNY with a holding change of -7,546,076 shares[10] Group 3: Industry Distribution of Net Buy/Sell - The financial sector had significant net buying activity, contributing positively to the overall market[14] - The energy sector also showed strong net buying, particularly with companies like China National Offshore Oil Corporation[14] - The consumer discretionary sector faced notable net selling, primarily driven by Alibaba Group-W and Meituan-W[14]

【#南向游资套利手段曝光#："炒小、炒新、炒妖"，借纳入港股通安全撤退】随着南向资金累计净买入 规模突破5万亿港元，其在港股市场的定价权正持续提升。Wind数据显示，三季度港股通成交额占比已 达23.6%，持仓总市值突破6.3万亿港元。这标志着内地资金已成为港股市场流动性的重要驱动力。 然而，在市场结构深刻变革的背后，新的风险因素正在积聚。业内观察发现，部分内地游资正通过系统 化的资本运作，利用港股通机制进行跨市场套利。招商证券（香港）分析师宁铂表示，2025年以来，游 资已形成"选中标的—暴力拉升—助推入通—被动资金接盘—成功出货"的完整运作链条。 来源：第一财经 以药捷安康-B（02617.HK）为例，该股在纳入港股通前股价涨幅超136%，纳入后单日涨幅一度达 115.58%，但随后出现单日暴跌53.73%的极端行情。类似的剧烈波动，在多只新纳入港股通的医药股中 同样显现。这些标的普遍具有流通盘小、上市时间短、概念热门等特点，更容易成为资金炒作的对象。 ...

Core Viewpoint - The article discusses the increasing influence of mainland capital in the Hong Kong stock market, particularly through the southbound trading mechanism, which has led to significant changes in market dynamics and the emergence of new risks associated with speculative trading strategies [3][4][10]. Group 1: Southbound Capital Trends - Southbound capital has accumulated a net buying scale exceeding 5 trillion HKD, with net inflows reaching 85.71 billion HKD on November 24, 2025, bringing the total for the year to over 1.37 trillion HKD [4]. - The proportion of southbound trading in the total market turnover has risen from 15.6% at the beginning of 2024 to 23.6% in the third quarter of 2025, indicating a growing pricing power of mainland funds in the Hong Kong market [4]. - By the end of the third quarter, the total market value of southbound holdings surpassed 6.3 trillion HKD, accounting for approximately 12.7% of the total market capitalization of Hong Kong stocks [4]. Group 2: Market Structure and Trading Behavior - The trading behavior of mainland investors, characterized by a preference for short-term trading and high turnover, raises concerns about potential impacts on the Hong Kong market ecosystem [6]. - Despite the short-term trading tendencies of some investors, the overall structure of southbound capital remains dominated by long-term institutional investors, with insurance funds holding over 1.4 trillion HKD and public funds holding around 1.01 trillion HKD in southbound positions [7][8]. - The correlation between the Hang Seng Index and the CSI 300 has strengthened, with the rolling correlation coefficient increasing throughout 2024, suggesting a rising volatility in the Hong Kong market [8]. Group 3: Speculative Trading Strategies - The article highlights a sophisticated trading strategy employed by mainland speculators, which involves selecting targets, aggressively driving up prices, facilitating inclusion in the southbound trading scheme, and then offloading shares to passive funds [10][15]. - A specific example is provided with the stock "Yaojie Ankang-B," which saw a price increase of over 136% before being included in the southbound trading scheme, followed by extreme volatility post-inclusion [10][15]. - The strategy capitalizes on the inclusion criteria for southbound trading, which requires stocks to meet certain market capitalization thresholds, allowing speculators to manipulate stock prices to ensure inclusion and subsequently benefit from passive fund inflows [14][15].

Core Insights - On November 24, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 9.685 billion, 4.391 billion, and 2.454 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 7.089 billion, 4.143 billion, and 2.119 billion respectively [1] Southbound Trading Activity - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 9.685 billion, net buying of 0.882 billion [2] - SMIC (00981): Trading amount of 4.391 billion, net selling of 0.483 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.454 billion, net buying of 0.107 billion [2] - Other notable companies include Hua Hong Semiconductor (01347) with 2.341 billion and Tencent Holdings (00700) with 2.145 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 7.089 billion, net buying of 3.184 billion [2] - SMIC (00981): Trading amount of 4.143 billion, net selling of 0.541 billion [2] - Tencent Holdings (00700): Trading amount of 2.119 billion, net buying of 1.054 billion [2] - Other significant companies include Hua Hong Semiconductor (01347) with 1.997 billion and Xiaomi Group-W (01810) with 1.443 billion [2]

银诺医药-B(2591.HK)大涨超19%，最高触及34.48港元。消息面上，恒生指数公司公布的截至2025年9月 30日季度检讨结果显示，银诺医药-B成功跻身恒生综合指数成份股，于12月8日(星期一)起正式生效。 这一调整不仅为银诺医药后续纳入港股通奠定关键基础，更标志着其投资价值获得指数编制机构的权威 认可。 分析指出，当前阶段或正处于布局银诺医药的窗口期。随着医保落地、临床里程碑达成及海外市场拓展 等催化剂的逐步兑现，公司的基本面优势将进一步凸显，有望成为港股医药板块估值修复进程中的核心 标的之一。 ...

Group 1 - The target price for Link REIT (00823) has been lowered by 8.2% from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The short-term stock price correction has resulted in a dividend yield of approximately 7%, presenting a long-term accumulation opportunity [1] - Management anticipates continued challenges in rental adjustments for renewals in mainland China and Hong Kong, which may pressure distributions for the fiscal year 2026 [1] Group 2 - The mid-term performance of Link REIT (as of September 30) was slightly below expectations, with revenue decreasing by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion, primarily due to retail market fluctuations and negative rental adjustment rates [1] - The net debt ratio as of September 2025 is 22.5%, a slight increase from 21.5% as of March 31, 2025, but still at a low level [2]

11月21日南向资金全天成交额1181.47亿港元，成交净买入1.05亿港元。 证券时报·数据宝统计显示，11月21日恒生指数下跌2.38%，南向资金合计买入成交591.26亿港元，卖出 成交590.21亿港元，合计成交额1181.47亿港元，全天成交净买入1.05亿港元，连续6日净买入。 具体看，港股通（沪）买入成交364.65亿港元，卖出成交359.67亿港元，合计成交额724.32亿港元，成 交净买入4.98亿港元；港股通（深）买入成交226.61亿港元，卖出成交230.54亿港元，合计成交457.15亿 港元，成交净卖出3.93亿港元。（数据宝） （文章来源：证券时报网） 南向资金今日成交概况 | | 买入成交额（亿港元） | 卖出成交额（亿港元） | 成交净买入（亿港元） | | --- | --- | --- | --- | | 港股通（深） | 226.61 | 230.54 | -3.93 | | 港股通（沪） | 364.65 | 359.67 | 4.98 | | 合计 | 591.26 | 590.21 | 1.05 | ...

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 小米集团-W(01810) | 33.45 亿元 | -5.20 亿元 | | 盈富基金(02800) | 27.09 亿元 | +26.95 亿元 | | 阿里巴巴-W(09988) | 26.28 亿元 | +8.81 亿元 | | 腾讯控股(00700) | 18.13 亿元 | +7.55 亿元 | | 中芯国际(00981) | 15.23 亿元 | -3364.83 万元 | | 南方恒生科技(03033) | 9.69 亿元 | +8.88 亿元 | | 小鹏汽车-W(09868) | 6.81 亿元 | +2.30 亿元 | | 华虹半导体(01347) | 6.40 亿元 | -614.67 万元 | | 恒生中国企业(02828) | 6.35 亿元 | +6.00 亿元 | | 赣锋锂业(01772) | 6.12 亿元 | -2587.36 万元 | 2025年11月20日当天，小米集团-W(01810)、盈富基金(02800)、阿里巴巴-W(09988)位居沪港通 ...

Core Viewpoint - On November 18, the Hang Seng Index fell by 1.72%, closing at 25,930.03 points, while southbound funds through the Stock Connect recorded a net inflow of 7.466 billion HKD [1]. Group 1: Market Activity - The total trading volume for the Stock Connect on November 18 was 98.354 billion HKD, with a net buy of 7.466 billion HKD [1]. - The Shanghai Stock Connect had a trading volume of 61.750 billion HKD and a net buy of 2.745 billion HKD, while the Shenzhen Stock Connect had a trading volume of 36.604 billion HKD and a net buy of 4.721 billion HKD [1]. Group 2: Active Stocks - In the Shanghai Stock Connect, Alibaba-W had the highest trading volume at 5.863 billion HKD, followed by Tencent Holdings and Xiaomi Group with trading volumes of 3.912 billion HKD and 3.075 billion HKD, respectively [1]. - Alibaba-W recorded a net buy of 1.678 billion HKD despite a closing price drop of 0.19%, while Tencent Holdings had the highest net sell of 0.831 billion HKD, closing down by 2.04% [1]. - In the Shenzhen Stock Connect, Alibaba-W also led with a trading volume of 3.416 billion HKD and a net buy of 1.618 billion HKD, closing down by 0.19% [2].

Group 1: Top Net Buy/Sell Companies - The top net buy company is Xiaomi Group-W (1810.HK) with a net buy amount of 4.484 billion CNY, representing a change of 105,862,338 shares[8] - China National Offshore Oil (0883.HK) ranks second with a net buy amount of 3.300 billion CNY, with 147,299,898 shares bought[8] - Alibaba Group-W (9988.HK) is the top net sell company with a net sell amount of -6.648 billion CNY, reflecting a change of -42,921,071 shares[9] Group 2: Industry Distribution of Net Buy/Sell - The report highlights significant net buying in the Information Technology and Financial sectors, indicating strong investor interest in these industries[11] - The Energy sector also shows notable net buying activity, particularly with companies like China National Offshore Oil and China Petroleum[8] - Conversely, the Consumer Discretionary sector, led by Alibaba and Meituan, shows substantial net selling, suggesting a shift in investor sentiment[9] Group 3: Active Stocks - Alibaba Group-W (9988.HK) remains the most actively traded stock with a total trading volume of 58.48 billion CNY and a net buy of 13.27 billion CNY on November 14, 2025[18] - Tencent Holdings (0700.HK) follows closely with a trading volume of 47.46 billion CNY and a net buy of 10.71 billion CNY[18] - Xiaomi Group-W (1810.HK) also features prominently with a trading volume of 18.66 billion CNY and a net buy of 6.71 billion CNY[18]